Moove raises $76m with investment from Mubadala, BlackRock

Image credit: Moove

Moove, the African mobility fintech, has secured $76m in new funding, consisting of $28m in equity from new and existing investors, in a process led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock and $38m in previously undisclosed funds raised during the prior 12 months.

The African-founded business will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage, it said.

Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs.

Global interest has seen the business expand across multiple geographies. It is now working towards further global expansion with plans to launch multiple new products and a goal to reach profitability by the company year-end. This investment serves as an endorsement of Moove’s ability to serve its customers and execute across multiple developing and developed markets.

The funding signifies the start of a relationship that will also see Faris Sohail Al Mazrui, head of Ventures and Growth at Mubadala, join the Moove advisory board.

Ladi Delano, co-founder and co-CEO of Moove said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”

Al Mazrui added: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Moove has gone from strength to strength since its inception, experiencing 17x revenue growth following its Series A fundraise two years ago, and empowering over 12000 customers who have completed over 22 million trips in Moove-financed vehicles across 13 markets.

The business is Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.

Sean Dunne, managing director, BlackRock (formerly Kreos Capital), said: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet.

As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”

Delano continued: “With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”

Read: Moove raises $30m for UAE expansion